Technical analysis by Coinpedia-Market-Insight about Symbol BNB: Buy recommendation (10/9/2024)

BNB price action is currently in a short-term recovery phase, with an ascending triangle pattern forming near the $600 psychological resistance.The altcoin has been consolidating between $464 and the $600 supply zone, with BNB trading at $583 after a 2.91% recovery.BNB is trading above both the 50-day and 200-day EMAs, signaling strength in the price action.The 50% Fibonacci level at $587 acts as immediate resistance, but a bullish engulfing candle suggests an increased likelihood of an overhead breakout.The 50-day and 200-day EMAs show a sideways movement in a positive alignment, giving a neutral trend signal.A bullish crossover in the MACD and signal lines near the resistance level strengthens the chances of a breakout.If BNB breaks out, potential targets are $711 and $863 based on Fibonacci extensions.On the downside, critical support levels include the local trendline and the 23.60% Fibonacci level at $522.